*By Madison Alworth*
Coca-Cola announced Friday it will buy the UK coffee chain Costa for a piping $5.1 billion. The deal is Coke's largest acquisition to date.
According to Wall Street Journal reporter Jennifer Maloney, this was a diversification move, and Coke CEO James Quincey's way to make good on his word.
"He wanted to provide beverages to people at any time of day and any occasion," Maloney said Friday in an interview with Cheddar.
The deal marks Coke's first foray into the hot beverage industry. The timing couldn't be better. With the [soda market] (https://www.businessinsider.com/pepsi-ceo-inda-nooyi-predicted-soda-declines-2018-8) continuing to fall, Coca-Cola is looking to add more options to its portfolio. This move is also just the latest in a bubbling trend of soda brands trying to please calorie-conscious consumers. A little over a week ago, [Pepsi](https://cheddar.com/videos/pepsi-adds-sodastream-to-healthy-drinks-lineup) announced its purchase of seltzer machine maker SodaStream.
Costa has a large footprint abroad with 3,800 cafes in the U.K. and a growing presence in China.
That country has been a target of the coffee industry as consumption of the caffeinated beverage continues to soar. Although Chinese consumers traditionally prefer tea, Chinese millennials are adopting java in droves. According to the International Coffee Organization and the U.S. Department of Agriculture, over the past four years coffee imports to China have grown by 16 percent a year compared to 2 percent in the U.S.
According to Maloney, China is Costa's biggest market outside of the UK. Costa has approximately 450 locations in the country and Coke's CEO is focused on that as a new market.
"He sees China as a great opportunity to expand retail locations," Maloney said.
For full interview [click here](https://cheddar.com/videos/coca-cola-cozies-up-to-costa).
Two friends have joined forces to come up with an app dedicated to making mental health more approachable and to provide users with the tools needed to improve their mental health and overall well-being. Co-Founders of the Dial App Jonah Salita and Marcel Johnson, joined Cheddar to discuss more.
Miss Universe 2021 Harnaaz Sandhu and Smile Train CEO Susie Schaefer join Cheddar News to talk about how Smile Train continues to support those with a cleft lip this International Women's Day.
On this International Women’s Day, Deb Cupp, president of Microsoft U.S., joined Cheddar News to talk about the implementation of her pillars to extend the company's culture, such as acting with care and putting the team first. "What I like about the pillars is they're very simple, so it's easy for us to think about how they show up every day in our lives," Cupp said.
Christian Nunes, President of the National Organization for Women, joins Cheddar Reveals to take a look at where the women's rights movement stands today and where it's headed.
Steven Spielberg has spoken out against the Motion Picture Academy’s decision to move the presentation of eight categories to the pre-show off-air for this year’s Oscars. "We should all have a seat at the supper table together, live at five," said the Academy Award-winning director, who is also nominated for two statues at this year's event.
On this episode of Cheddar Reveals, Sally Roesch Wagner, Historian & Executive Director, The Matilda Joslyn Gage Foundation, discusses how the early women's rights movement evolved and the hidden influence of Native American women on early American feminists.; Christian Nunes, President of the National Organization for Women, takes a look at where the women's rights movement stands today and where it's headed; Cheddar gets a look at Curiosity Stream's 'Ascent of Woman.'
Sally Roesch Wagner, Historian & Executive Director, The Matilda Joslyn Gage Foundation, joins Cheddar Reveals to discuss how the early women's rights movement evolved and the hidden influence of Native American women on early American feminists.
Partha Unnava, Founder and CEO and Lasso, joins Cheddar Innovates to discuss how the design behind these compression socks can prevent injuries and improve performance.
